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China pips US as top trading nation

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Publish time: 14th January, 2014      Source: ChinaCCM
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AP reported that China's imports rose the most in five months in December, indicating that domestic demand will support economic growth, as the government claimed the title of the world's biggest trader of goods.

The customs administration said said that inbound shipments advanced 8.3% from a year earlier. Exports rose 4.3%, a pace that may be distorted by fake invoices. The trade surplus was USD 25.6 billion.

Improving demand will help support expansion amid risks from rising domestic debt and the impact of President Xi Jinping's broadest policy reforms since the 1990s. While China said on Friday it passed the US to become the top trading nation in 2013, the government highlighted challenges for exporters including gains in the yuan and increased labor costs.

Mr Dariusz Kowalczyk senior economist and strategist at Credit Agricole CIB in Hong Kong said that "Domestic demand is not as soft as had been feared, and the Chinese economy while decelerating is unlikely to see a sharp slowdown.'

The customs administration has no plans to revise 2013 trade data, Zheng Yuesheng. For the full year, exports increased 7.9% to USD 2.21 trillion and imports rose 7.3% to USD 1.95 trillion, the customs administration said. Exceeding annual trade of USD 4 trillion was a historic moment.